Brad,The home needs the kitchen rearranged with backdoor moved to another room, full and half bath update, new windows, carpet, paint, landscaping, door replacements, and a air conditioner. 

No paint, didn't do landscaping, etc.  

While I was working at a Beverly Hills based investment group a year back, we quickly realized that the landscape at foreclosure auction was extremely competitive.

.- I am no expert on rehab, but here is my best try:- Upstairs: clean/paint walls, paint cabinets, remove carpet in living room & refinish hardwood: $10,000; new window trim: $500- Basement: minor mold remediation: $1,500- Exterior: damage to wood panels above front porch: $500; landscaping: $1,500- CapEx: roof: $8,000; furnace: $3,000- Appliances: refrigerator: $800; microwave: $200; dishwasher: $400; W&D: $600- Miscellaneous: clean-up, etc: $3,000- Total: $30,000Now, let's say I pay full price at $40,000 w/ 25% ($10,000) down.

Also do not waste money on toys, electronic gadgets, cell phones, cable TV,  etc at this point in your life are a waste of good money.  

Drywall, roofing, landscape are going to be at the low end of the spectrum.

@Mike Reynolds I'd love any contacts you have for basic home repairs to include: brick and mortar, dryway/paint, general handyman, electrician, foundation, landscape/drainage grade, and plumbing. 

As far as restrictions with the deed, it states some general maintenance requirements (landscaping, removal of trees, nuisances, maintenance of the property, etc.) and only mentions that transfer restrictions comply with fair housing (not discriminate race, sex, etc.).I say foreclosure because the current owner was served an NOS that will proceed in Jan of next year.  

I plan on maintaining the landscape of my rental properties, at least in the beginning.As a courtesy, I intend of giving the tenants prior notice with my planned arrival date/time, but is it required by law that I do this?

Loss to lease, credit losses, concessions, etc.CapEx seems high, but I don't see anything for repairs and maintenance, turnover cost, landscape maintenance, pest control, advertising/marketing, and general administrative costs.Finally, cap rate is market dependant.